City Of Springfield: Public Hearing For Brody Corners TIF Plan Feb. 22

Press release from the City of Springfield:

February 15, 2022

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FOR IMMEDIATE RELEASE

At its Feb. 22 meeting, City Council is expected to hold a public hearing on a special ordinance to create a tax increment financing (TIF) plan to pave the way for the redevelopment of a blighted 28-acre tract at the northwest corner of West Sunshine Street and James River Freeway. The proposed project, called Brody Corners, will be a $27 million retail, restaurant and office development. 

Those interested can attend the meeting or tune in live at 6:30 p.m. at cityview.springfieldmo.gov.  

Tax increment financing is a mechanism to capture incremental tax revenues resulting from redevelopment and apply those revenues to pay redevelopment project costs. Reimbursable project costs for the Brody Corners development are projected to total $3.4 million and consist of on-site excavation, public utilities, sewer and stormwater; off-site public utilities and street improvements; and allowable project fees. 

“This project is structured as a “pay as you go” TIF, meaning the City will not issue bonds for the project,” said Economic Development Director Sarah Kerner. “The developer will pay for the public improvements up front and be reimbursed over time as TIF revenues are generated by new construction and sales occurring within the TIF area. If the developer fails to generate a sufficient incremental increase in taxes to be fully reimbursed within the 23-year life of the TIF, the City has no financial obligation to repay the cost of the public improvements.” 

If approved, the Brody Corners TIF will capture 75% of new real property taxes and 50% of new sales taxes. The existing tax base, 25% of new real property taxes and 50% of new sales taxes will provide immediate benefits to the Springfield Public School District, the City, Greene County, Ozarks Technical Community College and the Springfield-Greene County Library District.  

If the property remains undeveloped, total tax revenues from this property for the City, Greene County, school district, OTC, and the library for the next 23 years are projected to be $287,713. If the property is redeveloped according to the Brody Corners TIF Plan, total tax revenues generated by the development for City, county, school district, OTC, and the library for the next 23 years are projected to be $4,844,608.

• Bob Dixon, representing the Greene County Commission
• John Russell, representing the Greene County Commission
• Carol Embree, representing Springfield Public Schools
• Travis Shaw, representing Springfield Public Schools
• Rob Rector from Ozarks Technical Community College, representing other taxing districts 
• Richard Ollis, City appointee representing Springfield City Council
• Regina Greer Cooper, City appointee representing the Springfield-Greene County Library District
• Brian Fogle, City appointee 
• Ron Hawley, City appointee
• Aaron Jones, City appointee 
• Marshall Kinne, City appointee.

This press release was produced by the City of Springfield. The views expressed here are the author’s own.